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Planet Hi-Q Marine Biotech chairman and CEO Johnson Chang stated that Chinese demand for red grouper is on the rise. (Photo: Hi-Q)
Red grouper to be farmed indoors in joint venture
 BRUNEI DARUSSALAM
Wednesday, June 03, 2009, 02:00 (GMT + 9)
Myinvesco Hi-Q Biotech Sdn Bhd of Brunei has teamed up with Planet Hi-Q Marine Biotech to breed red grouper in an indoor fish farm, the first in Brunei Darussalam. The USD 3.4 million venture will rely on technology from Taiwan to meet strong demand from China.
The farm will utilise Planet Hi-Q Marine Biotech’s patented Ecological Recirculating Aquaculture System (ERAS) to produce up to 50 annual tonnes of red grouper in the two-hectares assigned by the Fisheries Department in Kg Serdang, Jln Kota Batu. The grouper can be harvested after almost 12 months and can weigh between 500 g and 1 kg.
The venture is expected to generate consistent revenue because of its indoor location, which precludes the farm from being affected by harmful weather conditions and sea currents. This will also eventually cut the high costs of operation and facilitate management, said retired army officer Myinvesco Hi-Q Biotech chairman Lt Col (R) Hj Said Hj Saidin, The Brunei Times reports.
The farm’s high production capacity will also cut long-term costs, balancing out the hefty expenses necessary to create the infrastructure and acquire the ERAS.
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There will be no need to market the red grouper thanks to a buy-back guarantee, which was signed along with a purchase agreement by both parties: Planet Hi-Q Marine Biotech will pay USD 32 per kg of fish. Myinvesco Hi-Q Biotech also signed an agreement that gives Arkitek Ibrahim the role of project manager.
Under the main agreement, Myinvesco Hi-Q Biotech will become a sub-licensee of the ERAS patent license, which allows the company to produce the fish in indoor ponds. Upon the completion of the Eco Aquaculture Park in Sg Paku early in 2010, the farm could expand by 38 hectares.
China looks to import 12,000 tonnes of red grouper by next year, and increase that amount on a yearly basis.
"We believe this will be successful," said Planet Hi-Q Marine Biotech chairman and CEO Johnson Chang. "The demand for red grouper is increasing in mainland China despite the economic downturn.”
Planet Hi-Q Marine Biotech is looking for other sublicencees interested in the ERAS. The company aims to produce 2,000 tonnes of live red grouper per year by 2015.
Related article:
- Grouper export flow to China widens
By Natalia Real
editorial@fis.com
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